PwC exits operations in nine Sub-Saharan African countries

• Published On: 16 April 2025 at 18:15

PricewaterhouseCoopers has confirmed its pullout from nine Sub-Saharan African nations as part of a larger strategic assessment aimed at reducing risk and increasing profitability.

The corporation announced on its website that it has exited Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, Guinea, and Equatorial Guinea.

The decision aims to focus resources on markets with higher development potential and strategic importance.

PwC, which works as a network of autonomous but related partnerships, stated that it made the choice to depart specific African regions after reviewing its network structure and long-term strategy.

The closures follow reports of internal disputes between PwC's global leadership and local associates, particularly over efforts to de-risk client portfolios.

PwC has abandoned many African countries, according to a Financial Times report citing persons familiar with the situation.

Local partners in those markets reported a revenue loss of more than a third in recent years as a result of directions to terminate ties with high-risk clients.

While PwC did not disclose specific reasons for the relocation, it did emphasise that it remains dedicated to Africa, with offices in key markets such as Nigeria, Kenya and South Africa. "We remain confident in the long-term growth potential of the continent," the statement read.

The Financial Times investigation also referenced documents and local news sources to suggest that PwC had severed links with member firms in Zimbabwe, Malawi, and Fiji, though PwC declined to comment on the reports.

PwC has been under increasing global scrutiny for its audit quality and governance standards.

Chinese officials punished its China arm $62 million in January and barred it from taking on new business for six months.

The penalties were linked to audit errors at China Evergrande, the property company at the centre of a $78 billion accounting scandal.